LOS ANGELES & LONDON--(BUSINESS WIRE)--Ares Management, L.P. (NYSE:ARES) announced today that a real estate fund it manages has acquired Piccadilly Place, a 300,000-square-foot office and retail property in Manchester, U.K.
Piccadilly Place is comprised of two adjacent mixed-use buildings—Three and Four Piccadilly Place—as well as a three-story basement car park. The office space is 95% let to tenants including Arup, Barclays, Egencia, Orega, NuGen, Weightmans, EC Harris and the NHS Strategic Health Authority. Retail tenants include Anytime Fitness, which just opened its doors at Piccadilly Place last month, as well as Starbucks and Pita Pit.
“The market fundamentals in Manchester look increasingly attractive, and we believe Piccadilly Place, which is ideally located next to a major transportation hub and in a high traffic area of the city, is set to benefit from this strategically important and improving location,” said Wilson Lamont, Partner at Ares Management. “We see significant potential to make a number of improvements and add value to the property including filling vacant space and improving the management of the properties.”
Ares was advised on the transaction by Property Alliance Group and King Street Commercial.
Ares Management, L.P. is a publicly traded, leading global alternative asset manager with approximately $94 billion of assets under management as of December 31, 2015 and more than 15 offices in the United States, Europe and Asia. Since its inception in 1997, Ares has adhered to a disciplined investment philosophy that focuses on delivering strong risk-adjusted investment returns throughout market cycles. Ares believes each of its three distinct but complementary investment groups in Credit, Private Equity and Real Estate is a market leader based on assets under management and investment performance. Ares was built upon the fundamental principle that each group benefits from being part of the greater whole. For more information, visit www.aresmgmt.com.